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2025 Full year results February 2026
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2 Disclaimer This presentation contains certain statements that are, or may be deemed to be, “forward-looking statements” (including for purposes of the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Forward-looking statements give Haleon’s current expectations and projections about future events, including strategic initiatives and future financial condition and performance, and so Haleon’s actual results may differ materially from what is expressed or implied by such forward-looking statements. Forward-looking statements sometimes use words such as “expects”, “anticipates”, “believes”, “targets”, “plans”, “intends”, “aims”, “projects”, “indicates”, “may”, “might”, “will”, “should”, “potential”, “could” and words of similar meaning (or the negative thereof). All statements, other than statements of historical facts, included in this presentation are forward-looking statements. Such forward-looking statements include, but are not limited to, statements relating to future actions, prospective products or product approvals, delivery on strategic initiatives (including but not limited to acquisitions and disposals, realisations of efficiencies and responsible business goals), future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, dividend payments and financial results. Any forward-looking statements made by or on behalf of Haleon speak only as of the date they are made and are based upon the knowledge and information available to Haleon on the date of this presentation. These forward-looking statements and views may be based on a number of assumptions and, by their nature, involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond Haleon’s control or precise estimate. Such risks, uncertainties and other factors that could cause Haleon’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, but are not limited to, those discussed under “Risk Factors” on pages 193 to 201 of Haleon’s Annual Report and Form 20-F 2024. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. Subject to our obligations under English and U.S. law in relation to disclosure and ongoing information (including under the Market Abuse Regulations, the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority ), we undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should, however, consult any additional disclosures that Haleon may make in any documents which it publishes and/or files with the SEC and take note of these disclosures, wherever you are located. No statement in this presentation is or is intended to be a profit forecast or profit estimate.
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Brian McNamara CEO 2025 Full year results
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4 Haleon is making good progress against strategic priorities of growth, productivity and culture 3.0% organic revenue growth1 with 60% of business gained or maintained share2; Market impacted by lower category growth with Haleon outperforming a challenging market Productivity agenda delivering with +10.5% FY 25 organic profit growth1 and continued investment in A&P and R&D Driving shareholder returns with over £1.1bn returned to shareholders in 2025. Announced £500m allocation to share buyback in 2026 Confident in medium term guidance driving strong bottom-line performance 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix 2. Market share statements throughout this report are estimates based on the Group's analysis of third -party market data of revenue for YTD December 2025, including IQVIA, IRI and Nielsen data. Represents % of brand-market combinations gaining or maintaining share (this analysis covers c. 90% of Haleon's total revenue)
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5 Adjusted gross profit1: Up 4.4% at constant currency 220bps margin expansion at constant currency Adjusted operating profit 1: Increased 10.5% organically Margin up 160bps organically and 60bps AER Competitive performance: 60% of business gained or maintained share 2 2 Organic revenue growth1 3.0% FY revenue £11.0bn 2.3%/0.7% Price / Volume Mix FY 2025 results Organic revenue growth1 2.1% Q4 results Price / Volume Mix 2.4% /(0.3)% 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix 2. Market share statements throughout this report are estimates based on the Group's analysis of third -party market data of revenue for FY 2025, including IQVIA, IRI and Nielsen data. Represents % of brand-market combinations gaining or maintaining share (this analysis covers c. 90% of Haleon's total revenue) Strong cash generation1: Strong FCF generation of c.£1.9bn Net debt / Adjusted EBITDA of 2.6x Disciplined capital allocation: Now fully own China OTC JV >£1.1bn returned to shareholders in 2025 Allocating £500m to share buybacks in 2026
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6 Unlocking our full potential Productivity Significant gross margin opportunity 02 Culture A more agile and performance-focused company 03 Growth Annual 4-6% organic revenue growth 1 01 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix
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7 Growth: Three opportunities Closing the incidence vs treatment gap Innovation-led premiumisation Lower income consumers 01
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8 £800 million gross productivity savings 1 02 Three legacy pharma supply chains Reducing SKUs, formulations and packaging Reducing gap versus peers on Service, cost and inventory Complexity reduction Operational efficiency and effectiveness Simplified footprint 50-80bps per annum adjusted gross margin 2 improvement 1. Over the next five years 2. On average at constant currency basis; Reconciliation/definition of IFRS to Adjusted results can be found in the Appendix Productivity: Capturing the significant gross margin opportunity Opportunities
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9 Cloned pharma systems and processes Separation Simplified processes Reshaped the organisation Upgraded talent Evolution Drive cultural shift Streamline and simplify operating model Expand business services High Performance Culture: Agile and performance focused Driving consumer centricity 03
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10 Medium term guidance Annual organic revenue growth of 4-6% 1 High-single digit adjusted operating profit growth 1,2 Net debt/Adjusted EBITDA 1 of around 2.5x Dividend to grow at least in line with adjusted earnings 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix 2. At constant currency
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Dawn Allen CFO 2025 Full year results
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12 Delivering against our leading value creation framework in 2025 Reconciliation/definition of IFRS to adjusted results can be found in the Appendix 1. Over the next five years, on average at constant currency 2. At constant currency 3. On a like for like basis and excludes net proceeds from divestments in 2024 including £325m in gross proceeds with £(100)m in associated tax payments, primarily related to ChapStick 4. On an organic basis Operating leverage Strong cash flow generation High-single digit adjusted operating profit growth2 Disciplined capital allocation +50-80 bps adjusted gross margin per annum1 4-6% organic revenue growth 2025 performance 5.0% Adj. diluted EPS growth at AER (9.5% at CER) 3.0% +10.5%4 +220bps2 ~2.5x Net Debt/adjusted EBITDA Strong Free Cash Flow Working capital improvement 2025 performance 11 day improvement 2.6x +£194m3 Surplus cash to shareholders Bolt-on acquisitions Invest for Growth 2025 performance £1.1bn A&P2: +7.5% R&D2: +7.7% Completed buy-out of China OTC JV
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13 FY 2025 organic revenue growth 1 : +3.0% 1. Refers to organic revenue growth. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix Organic revenue impacted by softer category growth, inventory action in North America drug channel and lower levels of cold and flu incidence Net M&A dilution reflects divestment of ChapStick and Non-US Smokers’ Health business Translational FX impact primarily driven by YoY Sterling strength against US Dollar 11,233 11,030Volume/Mix Net M&A £m Price Translational foreign exchange (2.0)% (2.8)% 0.7% 2.3% ORG 1 +3.0% FY 2024 Sales FY 2025 Sales (1.8%) Reported
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14 FY 2025 organic profit growth 1 : +10.5% 22.3% 22.9% 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix +160bps (70)bps (30)bps 2,500 2,526 (5.7)% (3.8)% Operating leverage Translational FX Net M&A 1.0% Reported 10.5% £m FY 2024 Adjusted operating profit1 FY 2025 Adjusted operating profit1 Operating leverage driven by continued productivity initiatives enabling continued investment in A&P and R&D spend Net M&A - divestment of ChapStick and Non-US Smokers’ Health business Translational FX – predominately driven by Sterling strength against the US Dollar
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15 High quality earnings £m FY 2025 FY 2024 % YoY (AER) % YoY (Organic) Revenue 11,030 11,233 (1.8)% 3.0% Adjusted gross profit 1 7,193 7,099 1.3% 4.4%2 % Adjusted gross margin 1 65.2% 63.2% 200bps 220bps2 Sales, general and admin1 (4,352) (4,302) 1.2% Research and development1 (315) (297) 6.1% Adjusted operating profit 1 2,526 2,500 1.0% 10.5% % Adjusted operating margin1 22.9% 22.3% 60bps 160bps 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix 2. At constant currency Adj. gross margin improvement +220bps2, well ahead of 50-80bps target Margin expansion driven by productivity and pricing to offset inflation Continued healthy investment in A&P and R&D
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16 Immediate accelerators Operational Excellence 1. At constant currency; Reconciliation/definition of IFRS to adjusted results can be found in the Appendix 2. Compared to beginning of 2024 Progress to date2 Ambition by 2028 Productivity: supply chain transformation SKUs c.26% Formulations FY adj. gross profit: +4.4% with margin up 220bps 1 Build for Tomorrow c.12% 30% 25% - 30% Optimised freight routes Network optimisation Increased equipment effectiveness
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17 Global portfolio delivering growth Q4 2025 revenue Organic revenue growth1 FY 2025 revenue Organic revenue growth1 £m % £m % Oral Health 866 9.3% 3,461 7.9% VMS 430 1.2% 1,685 1.9% Pain Relief 631 0.5% 2,564 2.3% Respiratory Health 470 (4.6)% 1,873 (1.9)% Digestive Health 256 0.7% 987 0.5% Therapeutic Skin Health and Other 98 (4.3)% 460 2.0% TOTAL 2,751 2.1% 11,030 3.0% 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix
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18 Respiratory Health impacted by cold and flu season Source: local week data, 10 markets (US, FR, UK, DE, IT, RU, PL, SK, CZ and HU) presented c.50% of our C&F/Nasal business. Weekly market cold and flu (million units) 10 15 20 25 30 35 40 45 50 Off seasonWinter season Sep Nov Dec Jan Feb MarOct Apr May JunAug Jul C&F season 2024-25 2025-26
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19 North America • Q4 organic revenue growth1: (1.0)% with 2.7% price and (3.7)% volume/mix • Q4 performance reflects: – Outperformance versus the market – Strong momentum in Oral Health – Improving trend in VMS – Weaker cold and flu sales – Lapping of Eroxon sell-in – Proactive inventory reduction in drug channel • FY 2025 organic operating profit1: +1.9%: – Productivity – Lower sales – Continued investment in A&P Organic growth1 (0.4)% Volume / mix (1.4)% Organic growth 1 1.9% Adjusted operating profit 1 £947m FY revenue 35% of FY 2025 revenue FY profit 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix Price 1.0% Adjusted operating margin1 24.5%
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20 EMEA & LATAM • Q4 organic revenue growth1: +3.2% with 3.5% price and (0.3)% volume/mix • Q4 performance reflects: – Continued strength across Oral Health and VMS – Decline in Respiratory health impacted by weak cold and flu season – Macro weakness in Brazil • FY 2025 organic operating profit1 increased +15.9%: – Operating leverage – Productivity – Continued investment in A&P Organic growth1 4.7% Price 4.2% Volume / mix 0.5% Adjusted operating margin1 23.7% Organic growth 1 15.9% Adjusted operating profit 1 £1,090m FY revenue FY profit 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix 42% of FY 2025 revenue
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21 Asia-Pacific • Q4 organic growth1: +5.9% with (0.3)% price and 6.2% volume/mix • Q4 performance reflects: – Mid-single digit growth in China with strength in Pain Relief and Oral Health – Double digit growth in India supported by expanded distribution and excellent in-market execution • FY 2025 organic operating profit1 increased +13.1%: – Operating leverage – Productivity – Continued investment in A&P Organic growth1 5.2% Volume / mix 4.2% Organic growth 1 13.1% Adjusted operating profit 1 £553m FY revenue FY profit 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix Price 1.0% Adjusted operating margin1 21.5% 23% of FY 2025 revenue
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22 Adjusted diluted EPS 1 growth +5.0% Net finance costs • Reduction driven by lower net debt and favourable foreign exchange movement on US Dollar denominated debt Non-controlling interest • Reduction reflects acquisition of China OTC JV Adjusted tax rate • Increase predominately driven by changes in the mix of profits on a brand and geographic basis Weighted average number of shares • Reduction driven by the Group’s buyback of shares in 2025 £m FY 2025 FY 2024 % change Adjusted operating profit1 2,526 2,500 1.0% Net finance costs (262) (302) (13.2)% Adjusted tax1 (554) (527) 5.1% % tax rate 24.5% 24.0% 50bps Adjusted profit after tax1 1,710 1,671 2.3% Non-controlling interests (13) (33) (60.6)% Adjusted profit after tax attributable to shareholders 1,697 1,638 3.6% Adjusted diluted EPS1 18.8p 17.9p 5.0% Diluted weighted average number of shares (millions) 9,026 9,175 (1.6)% 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix
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23 Significant reduction in adjusting items £m FY 2025 FY 2024 % change Adjusted operating profit1 2,526 2,500 1.0% Net amortisation and impairment of intangible assets1 (60) (147) Restructuring costs 1 (89) (214) Transaction related costs 1 - 1 Separation and admission costs 1 - (30) Disposals and others 1 35 96 Operating profit 2 2,412 2,206 9.3% % Operating profit margin2 21.9% 19.6% 230bps 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix 2. Refers to IFRS operating profit and operating profit margin Net amortisation and impairment changes • Lower given 2024 included impairment charge for Nexium Restructuring costs • Mainly due to £300m productivity programme which is now complete
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24 Strong free cash flow generation Working capital • 11-day reduction in working capital cycle vs FY 2024 Tax (paid) • One-off tax payment associated with divestment in 2024 Distribution to non-controlling interests • Declined due to acquisition of China OTC JV Capital expenditure • Increased to 3.7% of sales, spend weighted towards growth and productivity £m FY 2025 FY 2024 % change Adjusted operating profit1 2,526 2,500 1.0% P&L adjusting items 1 (114) (294) Non-cash movements 478 481 Working capital and other movements2 (183) (207) Taxation (paid) (439) (593) Net interest (paid) (297) (285) Distribution to non-controlling interests (11) (79) Capital expenditure (413) (318) Proceeds from sale of intangible assets - 325 Free cash flow 1,913 1,944 (1.6)% Like for like free cash flow 3 1,913 1,719 11.3% 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix 2. Working capital incl. returns and rebates: £(213)m (FY 2024: £(109)m), (decrease)/increase in other net liabilities: £30m (FY 2024: £(98)m) 3. Excludes the one-time net proceeds in 2024 from divestments (which included £325m gross proceeds and £(100)m in associated tax p ayments, primarily related to ChapStick
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25 Reduced net debt 2.6x Net debt / Adjusted EBITDA1 Net debt 31 Dec 2024 (1,913) 174 612 500 (17) Net debt 31 Dec 2025 £7.9bn £7.3bn Share repurchase Dividend payment Other movements Free Cash Flow China JV acquisition M&A Shareholder returns £(0.6)bn 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix 2. Weighted average cost for bond debt including impact of hedging activities and CNY term loan. Excluding cost of commercial paper, preference shares and leases 3. Of net debt as at 31 December 2025 Cost of bond debt2: 3.0% 67% fixed/33% floating3 $1,750m bond repaid March 2025 £1.3bn cash and no commercial paper outstanding 2.8x Net debt / Adjusted EBITDA1 £m
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26 Target medium term leverage of around 2.5x net debt / adjusted EBITDA 1 Disciplined capital allocation to deliver growth and attractive returns Sustained by a strong investment grade balance sheet Investing for growth Bolt-on M&A Shareholder returns 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix • Continued investment in A&P • R&D investment behind innovation centres in Weybridge, UK and Richmond, Virginia • Completed acquisition of remaining 12% stake in China JV for £174m • £612m returned to shareholders through dividends • £500m allocated to share buybacks in FY 2025 completed
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27 2026 guidance 3-5% organic revenue growth1 High-single digit adjusted operating profit growth1 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix 2. Bloomberg consensus rates (taken as of 5 February 2026) averaged over 2026 Other modelling considerations Net M&A and Translational Foreign Exchange • Translational FX expected to impact both net revenue and adjusted operating profit by c.(1)%2 Net Interest and Tax • Net interest cost expected to be c.£255m • Tax rate expected to be c.24.5%
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28 Confident in value creation framework 1. Over the next five years, on average at constant currency 2. At constant currency Deliver industry-leading shareholder returns Operating leverage Strong cash flow generation High-single digit adjusted operating profit growth2 Disciplined capital allocation +50-80 bps adjusted gross margin per annum1 4-6% organic revenue growth ~2.5x Net Debt/adjusted EBITDA Strong Free Cash Flow Working capital improvement Surplus cash to shareholders Bolt-on acquisitions Invest for Growth
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Brian McNamara CEO 2025 Full year results
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30 Evolution of operating model to drive growth Generate industry leading shareholder returns Reach 1 billion more consumers by 2030 Organising for growth Closer to our consumers Leaner, simpler and more efficient Clarity of decision making Growth function • Chief Growth officer • Head of R&D Six operating units • Voice of consumers into strategic decision making Remove complexity and duplication £175-200m in gross savings Stronger agility, execution and delivery of performance 01 02 03 04
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31 Strengthened North America leadership team Driving growth and agility in North America Investing in capability building Transforming North America for long-term success • Streamlining and simplifying business model • Driving consumer insight led innovations with cross category growth platforms • Accelerating innovation • Strengthened net revenue management • Marketing effectiveness • Improving competitiveness across VMS and Pain Relief • Strengthen in-market execution • Return to growth in 2026 • Supporting medium-term guidance
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32 Haleon is making good progress against strategic priorities of growth, productivity and culture 3.0% organic revenue growth1 with 60% of business gained or maintained share2; Market impacted by lower category growth with Haleon outperforming a challenging market Productivity agenda delivering with +10.5% FY 25 organic profit growth1 and continued investment in A&P and R&D Driving shareholder returns with over £1.1bn returned to shareholders in 2025. Announced £500m allocation to share buyback in 2026 Confident in medium term guidance driving strong bottom-line performance 1. Reconciliation/definition of IFRS to adjusted results can be found in the Appendix 2. Market share statements throughout this report are estimates based on the Group's analysis of third -party market data of revenue for YTD December 2025, including IQVIA, IRI and Nielsen data. Represents % of brand-market combinations gaining or maintaining share (this analysis covers c. 90% of Haleon's total revenue)
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Appendix
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34 Glossary We use certain alternative performance measures to make financial, operating, and planning decisions and to evaluate and report performance. Adjusted Results and other non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. Additionally, we are unable to present reconciliations of forward-looking information for non-IFRS measures because we are unable to forecast accurately certain adjusting items required to present a meaningful comparable IFRS forward-looking financial measure. Organic revenue growth and organic operating profit growth: Our organic growth measures take our adjusted results and further exclude the impact of divestments, acquisitions, manufacture and supply agreements (MSAs) relating to divestments and closure of production sites, the impact of foreign currency exchange movements and price growth in excess of 26% in hyperinflationary economies from one period to the next. Inflation of 26% per year compounded over three years is one of the key indicators within IAS 29 to assess whether an economy is deemed to be hyperinflationary. Organic revenue growth by individual geographical segment is further discussed by price and volume/mix changes, which are defined as follows: Price: Defined as the variation in revenue attributable to changes in prices during the period. Price excludes the impact to organic revenue growth due to (i) the volume of products sold during the period and (ii) the composition of products sold during the period. Price is calculated as current year net price minus prior year net price multiplied by current year volume. Net price is the sales price, after deduction of any trade, cash or volume discounts that can be reliably estimated at point of sale. Value added tax and other sales taxes are excluded from the net price. In determining changes in price, we exclude the impact of price growth in excess of 26% per year in hyperinflationary economies as explained above. Volume/Mix: Defined as the variation in revenue attributable to changes in volumes and composition of products sold in the period. Adjusted Operating Profit is defined as operating profit less adjusting items as defined below. Adjusting items include the following: • Net amortisation and impairment of intangible assets: Net impairment of intangibles, impairment of goodwill and amortisation of acquired intangible assets, excluding computer software. These adjustments are made to reflect the performance of the business excluding the effect of acquisitions. • Restructuring costs: From time to time, the Group may undertake business restructuring programmes that are structural in nature and significant in scale. The cost associated with such programmes includes severance and other personnel costs, professional fees, impairments of assets, and other related items. • Transaction-related costs: Transaction-related accounting or other adjustments relate to significant acquisitions including deal costs and other pre-acquisition costs, when there is certainty that an acquisition will complete. It also includes the costs of registering and issuing debt and equity securities and the effect of inventory revaluations on acquisitions. • Separation and admission costs: Costs incurred in relation to and in connection with separation, UK admission and registration of the Company’s Ordinary Shares represented by the Company’s American Depositary Shares (ADSs) under the Exchange Act and listing of ADSs on the NYSE (the US Listing). These costs are not directly attributable to the sale of the Group’s products and specifically relate to the foregoing activities, affecting comparability of the Group’s financial results in historical and future reporting periods. • Disposals and others: Includes gains and losses on disposals of assets, businesses and tax indemnities related to business combinations, legal settlement and judgements, the impact of changes in tax rates and tax laws on deferred tax assets and liabilities, retained or uninsured losses related to acts of terrorism, significant product recalls, natural disasters and other items. These gains and losses are not directly attributable to the sale of the Group’s products and vary from period to period, which affects comparability of the Group’s financial results. In addition, these gains and losses include net monetary gains or losses arising from hyperinflationary economies as this affects comparability of the Group’s financial results. From period to period, the Group will also need to apply judgement if items of unique nature arise that are not specifically listed above. Adjusted EBITDA: Adjusted EBITDA is calculated as profit after tax excluding income tax, finance income, finance expense, net monetary gains/losses arising from hyperinflationary economies, adjusting items (as defined), depreciation of property, plant and equipment and right-of-use assets, amortisation of computer software, impairment of property, plant and equipment, right-of-use assets and computer software net of impairment reversals. Adjusted EBITDA does not reflect cash expenditures, or future requirements for capital expenditures or contractual commitments. Further, adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs, and although depreciation and amortisation are non- cash charges, the assets being depreciated and amortised are likely to be replaced in the future and adjusted EBITDA does not reflect cash requirements for such replacements. Free cash flow: Free cash flow is calculated as net cash inflow from operating activities plus cash inflows from the sale of intangible assets, the sale of property, plant and equipment and interest received, less cash outflows for the purchase of intangible assets, the purchase of property, plant and equipment, distributions to non-controlling interests and interest paid. Net debt: Net debt at a period end is calculated as short-term borrowings (including bank overdrafts and short-term lease liabilities), long-term borrowings (including long-term lease liabilities), and derivative financial liabilities less cash and cash equivalents, short-term investments and derivative financial assets.
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35 Organic revenue growth 1 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Oral Health 10.6% 9.1% 8.2% 10.6% 9.6% 6.6% 8.7% 6.9% 9.3% 7.9% VMS 9.9% 8.5% 3.7% 8.2% 7.6% 0.9% 0.9% 4.9% 1.2% 1.9% Pain Relief (4.8)% (4.0)% 3.1% 7.4% 0.1% 2.6% 2.5% 3.7% 0.5% 2.3% Respiratory Health (2.7)% 1.3% 8.2% (2.6)% 1.0% 0.7% (2.0)% (1.8)% (4.6)% (1.9)% Digestive Health 2.2% 5.2% 9.0% 5.8% 5.5% 2.3% (2.8)% 2.1% 0.7% 0.5% Therapeutic Skin Health & Other 7.4% 10.7% 0.7% 24.2% 9.8% 10.4% 2.5% (1.1)% (4.3)% 2.0% TOTAL 3.0% 4.1% 6.1% 6.8% 5.0% 3.5% 3.0% 3.4% 2.1% 3.0% Price 5.0% 3.4% 3.3% 2.7% 3.7% 2.4% 2.5% 1.8% 2.4% 2.3% Volume / mix (2.0)% 0.7% 2.8% 4.1% 1.3% 1.1% 0.5% 1.6% (0.3)% 0.7% Historic quarterly growth across the categories 1. Definition of IFRS to adjusted results can be found in the Appendix
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36 36 Net debt £m Group net debt at 31 Dec 2025 Group net debt at 31 Dec 2024 Short-term borrowings 836 1,487 Long-term borrowings 7,773 8,640 Derivative financial liabilities 65 160 Cash and cash equivalents (1,324) (2,250) Derivative financial assets (87) (130) Net debt 7,263 7,907 Debt profile c.6.2 years Duration1 c.3.0% Cost of debt 2 67% / 33% Fixed/Floating mix of net debt 1. Weighted average time to maturity for bond debt and CNY term loan as at 31 December 2025 2. Weighted average cost for bond debt including impact of hedging activities and CNY term loan. Excludes cost of commercial pap er, preference shares and leases
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37 IFRS and Adjusted Income Statement Unaudited 12 months ended 31 December Gross Profit Operating Profit Income tax £m 2025 2024 2025 2024 2025 2024 IFRS Results 7,080 6,824 2,412 2,206 (472) (435) Net amortisation and impairment of intangible assets 58 147 60 147 (12) (35) Restructuring costs 55 123 89 214 (20) (49) Transaction related costs — — — (1) — 1 Separation and admission costs — 1 — 30 — (7) Disposals and others — 4 (35) (96) (50) (2) Adjusted results 7,193 7,099 2,526 2,500 (554) (527) Selling, general and administration Research and development Other operating income/(expenses) £m 2025 2024 2025 2024 2025 2024 IFRS Results (4,364) (4,452) (316) (298) 12 132 Net amortisation and impairment of intangible assets 2 — — — — — Restructuring costs 33 90 1 1 — — Transaction related costs — — — — — (1) Separation and admission costs — 29 — — — — Disposals and others (23) 31 — — (12) (131) Adjusted results (4,352) (4,302) (315) (297) — —
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38 IFRS and Adjusted Income Statement Unaudited 12 months ended 31 December Profit attributable to shareholders Diluted earnings per share (pence) £m 2025 2024 2025 2024 IFRS Results 1,667 1,442 18.5 15.7 Net amortisation and impairment of intangible assets 48 112 0.5 1.2 Restructuring costs 69 165 0.8 1.8 Transaction related costs — — — — Separation and admission costs — 23 — 0.3 Disposals and others (87) (104) (1.0) (1.1) Adjusted results 1,697 1,638 18.8 17.9
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39 Reconciliation of FY organic growth1 Product categories Ended 31 December 2025 vs 2024 (%) Oral Health VMS Pain Relief Respiratory Health Digestive Health Therapeutic Skin Health and Other Total Revenue growth 4.5 (0.6) - (11.7) (4.1) (9.8) (1.8) Organic adjustments - - - 8.1 0.2 8.7 2.0 Effect of exchange rates 3.4 2.5 2.3 1.7 4.4 3.1 2.8 Organic revenue growth 7.9 1.9 2.3 (1.9) 0.5 2.0 3.0 1. Definition of IFRS to adjusted results can be found in the Appendix
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40 Reconciliation of quarterly organic growth North America 2025 vs 2024 (%) Q1 2025 Q2 2025 HY 2025 Q3 2025 Q4 2025 FY 2025 Revenue Growth (1.6) (9.3) (5.4) (2.0) (4.7) (4.4) Organic Adjustments 2.3 1.8 2.0 0.4 - 1.0 Effect of Exchange Rates 0.3 5.7 3.0 2.0 3.7 3.0 Organic Revenue Growth 1.0 (1.8) (0.4) 0.4 (1.0) (0.4) Price (0.8) 1.2 0.2 0.7 2.7 1.0 Volume/Mix 1.8 (3.0) (0.6) (0.3) (3.7) (1.4) EMEA & LatAm 2025 vs 2024 (%) Q1 2025 Q2 2025 HY 2025 Q3 2025 Q4 2025 FY 2025 Revenue Growth (4.3) (4.7) (4.5) 3.5 2.7 (0.8) Organic Adjustments 4.0 4.3 4.2 4.4 0.2 3.2 Effect of Exchange Rates 5.3 5.8 5.5 (2.6) 0.3 2.3 Organic Revenue Growth 5.0 5.4 5.2 5.3 3.2 4.7 Price 5.6 3.8 4.7 3.5 3.5 4.2 Volume/Mix (0.6) 1.6 0.5 1.8 (0.3) 0.5 APAC 2025 vs 2024 (%) Q1 2025 Q2 2025 HY 2025 Q3 2025 Q4 2025 FY 2025 Revenue Growth 0.4 (0.6) (0.1) (0.2) 2.4 0.5 Organic Adjustments 1.7 2.0 1.8 2.2 (0.2) 1.4 Effect of Exchange Rates 2.1 4.5 3.3 3.1 3.7 3.3 Organic Revenue Growth 4.2 5.9 5.0 5.1 5.9 5.2 Price 1.5 2.0 1.7 0.7 (0.3) 1.0 Volume/Mix 2.7 3.9 3.3 4.4 6.2 4.2 Group 2025 vs 2024 (%) Q1 2025 Q2 2025 HY 2025 Q3 2025 Q4 2025 FY 2025 Revenue Growth (2.3) (5.3) (3.8) 0.7 (0.3) (1.8) Organic Adjustments 2.9 2.8 2.9 2.3 - 2.0 Effect of Exchange Rates 2.9 5.5 4.1 0.4 2.4 2.8 Organic Revenue Growth 3.5 3.0 3.2 3.4 2.1 3.0 Price 2.4 2.5 2.4 1.8 2.4 2.3 Volume/Mix 1.1 0.5 0.8 1.6 (0.3) 0.7 1. Definition of IFRS to adjusted results can be found in the Appendix
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41 Free cash flow and Adjusted EBITDA Free cash flow1 Twelve months to 31 December £m 2025 2024 Net cash inflow from operating activities 2,634 2,301 Capital expenditure 1 (413) (318) Sale of intangibles - 325 Distributions to non-controlling interests (11) (79) Interest received 60 75 Interest paid (357) (360) Free cash flow 1,913 1,944 Adjusted EBITDA 1 Twelve months to 31 December £m 2025 2024 Adjusted operating profit 1 2,526 2,500 Add: Depreciation – Property Plant and Equipment 171 160 Add: Depreciation – Right of Use Assets 51 53 Add: Amortisation – Computer Software 69 75 Add: Impairment – Property Plant and Equipment, Right of Use assets and Computer Software 21 17 Adjusted EBITDA2 2,838 2,805 1. Definition of IFRS to adjusted results can be found in the Appendix
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FY 2025 results Jo Russell Head of Investor Relations Joanne.c.Russell@Haleon.com +44 7787 392441 Rakesh Patel Director Rakesh.x.Patel@Haleon.com +44 7552 484646